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TRON (TRX) launches oracle plattform JustLink to compete with Chainlink

  • JUST Foundation launches oracle service platform on TRON (TRX) JustLink to compete with Chainlink (LINK).
  • JustLink will implement a penalty mechanism for dishonest information providers.

The DeFi sector is reclaiming momentum, despite negative performance in Ethereum and TRON (TRX). DeFi Pulse registers a rebound in Total Value Locked (TVL) on the DeFi protocols and stands again at $11.29 billion. Seizing the moment, the JUST Foundation has launched TRON’s oracle service, JustLink.

Conceived to be an “answer” to Chainlink’s (LINK) oracle service, JustLink offers a secure connection between decentralized protocols with information outside the blockchain. The JUST Foundation claims that the TRON-based oracle project is completely decentralized, “unlike its competitors”. Therefore, they claim that it is a better alternative to eliminate single points of failure in smart contracts.

First oracle project on TRON (TRX)

JustLink is the first official oracle project created on TRON (TRX). Smart contracts on TRON will be able to receive information on prices, stablecoin exchange rates, derivative prices, market estimates, among others. The JUST Foundation states:

JustLink is the answer for Chainlink on the TRON network. The timing of its launch could not be better as it meets the demands that TRON-powered smart contracts have for external data, which liberates the entire TRON ecosystem.

Additionally, JustLink will have “greater options” to be leveraged by developers looking to build DApps. However, the JUST Foundation only mentions among JustLink’s advantages that TRON will have “exponential growth”.

JustLink will use the token JST as part of one of its “essential components”. Therefore, JST will act as a pricing reference to “interconnect” the different use cases that exist on JUST. In addition, TRON DeFi users will be able to benefit from its two main features.

The first is a penalty margin system to reduce dishonesty on the network. This feature will allow users to measure the fidelity of the nodes connected to JustLink. The Oracle service will use an unspecified amount of JST to “receive and process a data request”. If the information processed is dishonest, the amount in JST will be removed as a penalty and sent to the user who requested the information. The JUST Foundation adds:

The margin system of JustLink has increased the market needs for JST and brought more possibilities for JST use cases. The value of data can be calculated more accurately with JST rewards and punishments.

The second feature will allow users to create “more synthetic asset types” in a short period of time. TRON’s CEO Justin Sun said the following about the launch of the platform’s Oracle service:

JustLink is the Chainlink equivalent on TRON, whose birth marked a pivotal milestone for TRON’s ecosystem. JustLink will drive a new round of boom in TRON-powered DeFi applications, which will further benefit and reinvigorate the entire TRON ecosystem. It’s fair to say that JustLink is an epoch-marking project that’s bound to revolutionize the whole DeFi sector.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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